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What's Covered?

Revocable and Irrevocable Trust Accounts

Last Updated: March 8, 2022

Important Update!

Revocable and Irrevocable Trust Rule Change Effective April 1, 2024
Mortgage Servicing Accounts Rule Change Effective April 1, 2024

All the rules discussed in this section are current through March 31, 2024. The FDIC approved changes, on January 21, 2022, to the deposit insurance rules for revocable trust accounts (including formal trusts, POD/ITF), irrevocable trust accounts, and mortgage servicing accounts. For most trust depositors (those with less than $1,250,000), the FDIC expects the coverage levels to be unchanged. However, the new rule may reduce coverage for those depositors who have placed more than $1,250,000 per owner in trust deposits at one insured institution. The new rule (PDF) combines the revocable and irrevocable trust account categories into one insurance category, eliminates some complex rules, and utilizes a simple insurance calculation. You can learn more about the new changes, including for mortgage servicing accounts, by reviewing this fact sheet (PDF). The changes are effective April 1, 2024, giving bankers and depositors time to adjust to the new rule, including making any changes to avoid a potential reduction in coverage. We suggest depositors and bankers review the new rules for time deposits with maturities beyond April 1, 2024.


You can submit your inquiry using the FDIC Information and Support Center.
You can also call the FDIC at (877) 275-3342 or (877) ASK-FDIC.
For the hearing impaired call (800) 877-8339.

Revocable Trusts

A revocable trust account is a deposit account owned by one or more people, that designates the deposited funds will pass to one or more beneficiaries upon the owner's death. Each owner's coverage is calculated separately.  

A revocable trust can be revoked, terminated, or changed at any time at the discretion of the owner(s). Revocable trusts can be formal or informal.

Irrevocable Trusts

An irrevocable trust account is a deposit account titled in the name of an irrevocable trust, for which the owner (grantor/settlor/trustor) contributes deposits or other property to the trust, but gives up all power to cancel or change the trust.

Irrevocable trusts are also established following the death of an owner of a revocable trust, or by statute or judicial order.

Which type of trust account do you want to know about?

If you have a deposit insurance coverage question, please visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342).